FPJ Legal: NCLT orders freezing, attaching assets of Metalyst Forgings’ former promoters

FPJ Legal: NCLT orders freezing, attaching assets of Metalyst Forgings’ former promoters

The NCLT has also directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the former promoters and directors of Metalyst Forgings in order to freeze such assets.

Presley ThomasUpdated: Friday, September 17, 2021, 07:39 PM IST
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NCLT Mumbai | Photo: Representative Image

Mumbai: The National Company Law Tribunal (NCLT) has directed freezing and attaching assets of the former promoters of Metalyst Forgings, a listed subsidiary of Amtek Auto.

A bench comprising Bhaskar Pantula Mohan and Narendra Kumar Bhola, on September 15, directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) to freeze any securities owned or held by the former promoters and share the details with the Ministry of Corporate Affairs (MCA).

The directions came while hearing an application filed by MCA in stating that an independent audit had pointed out questionable financial transactions of Rs 3,454 crore by the erstwhile management.

The NCLT has also directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the former promoters and directors of Metalyst Forgings in order to freeze such assets.

Besides, the Indian Banks Association (IBA) has been asked to facilitate disclosure of the details of their bank accounts and lockers, which will be frozen with immediate effect.

The tribunal has also permitted the MCA to write to the state governments and Union Territories to identify all immovable properties owned or held by the erstwhile promoters and directors.

The former promoters of Metalyst Forgings have been directed to file their reply within four weeks.

Metalyst Forgings was admitted under the Corporate Insolvency Resolution Process (CIRP) in December 2017 on a petition filed by the State Bank of India.

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